Bullish, a cryptocurrency exchange operator, shares surged in their NYSE debut, opening at $90 — more than double the $37 IPO price.
The strong listing reflects investor optimism in the crypto-focused exchange, marking one of the year’s biggest opening-day pops and signaling robust market appetite for digital asset-related stocks.
Bullish, a crypto exchange funded by Peter Thiel and run by former NYSE president Tom Farley, had a huge first day on the New York Stock Exchange on August 13. The company raised roughly $1.1 billion in its initial public offering.
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Launched in 2021, Bullish aims to bring institutional-controlled DeFi protocols and the security of a centralized exchange together. ”
The last leg of growth in crypto, the last 10 years, was basically all retail and … the institutional wave has begun,” Farley told CNBC, saying that early IPO demand points towards lots of interest from buyers with risk capital at professional funds.
“It’s here, and it’s a question of how big it will be. Based on the reception we’ve gotten thus far as part of our IPO, it feels like institutional investors feel like this could be the moment,” said Farley.
Since debut, Bullish has handled more than $1.25 trillion in deals as of March 31 and also owns crypto news media site CoinDesk.
The stock started at $90, which was 143% more than its initial public offering (IPO) price of $37. It was then stopped at about $102.44 per share. The firm, which is based in the Cayman Islands, set the price for its IPO far higher than expected.
The price range was first established at $28 to $31, then $32 to $33 this week, which gave the company a market value of over $5.4 billion before trading started.
The listing comes at a time when a lot of crypto businesses are going public. At press time, Bullish was trading at $86.40, up 133.51%.
Crypto stock jumps over 100% after IPO debut first appeared on TheStreet on Aug 13, 2025
